Coinbase reported yesterday, Wednesday, August 1st, that the cryptocurrency exchange platform’s UK clients can buy Bitcoin (BTC) and other cryptos with British Pounds.
Until now, customers had to maintain their fiat money in Euros instead of GBP, and this implied that to buy Bitcoin (BTC) and other cryptocurrencies on Coinbase lasted a few days and resulted in foreign exchange surcharges.
We have worked hard in recent months to add GBP support for Coinbase clients to several of our product offerings in the UK. We have also taken a big leap towards our goal of making Coinbase the most trustworthy and compliant brand on the market. These steps include the purchase of an e-money license for our fiat operations from the Financial Conduct Authority (FCA), support for the Faster Payment Scheme and the first cryptocurrency exchange platform to receive a bank account with a major UK bank.
Zeeshan Feroz, Coinbase UK CEO
Coinbase UK clients can use British Pounds (GBP) to buy Bitcoin (BTC) and other cryptos
The US-leading cryptocurrency exchange platform, Coinbase, also announced that it would launch GBP trading pairs that include GBP/BTC and GBP/ETH. Coinbase anticipates that the new services will become increasingly attractive for professional traders.
Faster payments benefit all UK customers and enable almost instant transfers. This is particularly important for Coinbase Pro and Coinbase Prime customers who will now be able to transfer money quickly.
Zeeshan Feroz, Coinbase UK CEO
The support for British Pounds (GBP) from Coinbase may also result in a higher volume of cryptocurrency transactions across the UK which, for the time being, is the fifth largest economy in the world.
In July, Coinbase, the renowned cryptocurrency exchange platform, hinted at its plans to expand the number of digital assets it provides to its clients. Because of regulatory ambiguities, the US-based crypto-related company has only marketed Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC), until now.
